Saudi Oil Strategy Seen Working by Naimi as OPEC Set to Meet - Bloomberg Business

Saudi Oil Strategy Seen Working by Naimi as OPEC Set to Meet - Bloomberg Business:



"Saudi Arabia, which led OPEC to refrain from cutting oil output at a November meeting, said its market strategy is working days before the group decides policy once again.



Saudi Oil Minister Ali al-Naimi said he didn’t know whether the Organization of Petroleum Exporting Countries would agree to keep production quotas steady at a June 5 meeting. While there’s a surplus in the global oil market, things are moving “in the right direction,” he said Monday upon arriving in Vienna for the gathering.



Saudi Arabia shaped OPEC’s strategy last year to defend market share amid a global glut and a collapse in benchmark crude, arguing that cutting output to boost prices wouldn’t address the threat from a U.S. shale boom. The group may maintain its collective quota at 30 million barrels a day, according to a Bloomberg survey. That’s after oil rebounded about 40 percent from a six-year low in January."



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